February 3, 2014 |
Janet Yellen is to be sworn in Monday, the first woman to chair the Federal Reserve. Will she oversee an ongoing economic recovery? And what of the legacy of her predecessor, Ben Bernanke? Bernanke's legacy is the subject of this Breakout video at Yahoo Finance. Greg McBride, chief financial analyst at Bankrate.com, says of the exiting Fed chair, "He gets credit, and quite rightly so, for steering us clear of a depression back in 2008. " However, McBride says, it will be some time before Bernanke's real impact is known.
January 31, 2014
BEN Bernanke exits his two terms as Fed chief this week generally regarded as the wonky econ nerd and student of the Great Depression who used his megamind to save our collapsed economy. He's credited with taking drastic action to restore some semblance of confidence in the financial system, and this he did. He bought up $4 trillion in mortgage bonds and securities from the big banks, shored up their balance sheets, paid off their worthless IOUs (the AIG bailout) and in the process kept rates low to help goose our anemic recovery.
January 29, 2014 |
Investors are closely watching the Federal Reserve meetings of Tuesday and Wednesday, which is the last series of meetings at which Ben Bernanke sits as chairman of the central bank. Given the stock market's sell-off last week, could the Fed decide to make any major changes with its bond-buying program? One local equity analyst says maybe - but that doesn't change the long-term bullish outlook. James M. Meyer, chartered financial analyst for Tower Bridge Advisors, in West Conshohocken, has been telling clients that even if stocks continue this "correction," nothing changes his basic view: "We continue on a weak economic growth path, that inflation remains low, that bonds are not very attractive long-term investments at the current moment, and that patient economic investors will end up smiling no matter which course the markets take over the next 30-60 days.
January 5, 2014 |
Ben Bernanke says that the U.S. economy has improved considerably since the financial crisis started in 2008, but that the recovery has a way to go. The departing Federal Reserve chairman told a standing-room crowd at the Philadelphia Marriott in Center City on Friday that despite "unusually high" long-term unemployment, the headwinds that slowed the economy "may now be abating. " Bernanke, 60, reflected on his eight years as chief of the U.S. central bank at the annual meeting of the American Economic Association, a confab of 12,000 academic, business, government, and not-for-profit economists at the Convention Center through Sunday.
November 18, 2013 |
The same morning Janet Yellen was telling U.S. senators how, as the next Federal Reserve chair, she should help Americans get more and better jobs, Charles Plosser , who heads the Fed's Philadelphia branch, was also in Washington, warning a crowd at the libertarian Cato Institute that there are not many things Yellen can do or should try that will boost the economy any time soon. Yellen praised her "wise and skillful" predecessor, Ben Bernanke , who she said used the Fed's powers to prevent a world financial collapse.
July 18, 2013 |
WASHINGTON - Ben Bernanke's sway over financial markets has been on full display in recent weeks. When the Federal Reserve chairman speaks Wednesday to Congress, investors will once again parse each word for any subtle shift in the Fed's stance on interest rates. Bernanke has sent financial markets plunging and surging the last two months, depending on whether he was seen as loosening or affirming the Fed's commitment to ultra-low interest rates. Low rates have fueled home sales, encouraged borrowing and spending, lifted stock prices, and helped support economic growth.
June 26, 2013 |
The Federal Reserve under Ben Bernanke has committed itself to a monetary strategy for this year and beyond that will be difficult to undo under a new chairman. Under Bernanke's leadership, the Fed has set out clear markers for the conditions that need to be met to moderate and eventually end its $85 million-a-month asset-purchase program and then begin increasing interest rates. As a consequence, the identity of the chairman next year is unlikely to matter as much as it has in the past.
June 20, 2013 |
In what is being seen as the strongest suggestion yet that Ben S. Bernanke will leave when his term expires next year, President Obama has said the Federal Reserve chairman has stayed in his post "longer than he wanted. " "Ben Bernanke's done an outstanding job," Obama said in an interview with Charlie Rose on PBS when asked about nominating him for another term subject to Senate approval. "He's already stayed a lot longer than he wanted or he was supposed to. " In the interview late Monday, Obama likened Bernanke's tenure to that of outgoing FBI Director Robert Mueller, who stayed on for two years after his term expired in 2011 and is leaving his post in September.
June 20, 2013 |
NEW YORK - Financial markets shuddered Wednesday after the Federal Reserve said it could start scaling back its huge economic-stimulus program later this year and end it by mid-2014. Wall Street's reaction - the Dow Jones industrial average fell more than 200 points, and the yield on the 10-year Treasury note rose to its highest in 15 months - showed just how much investors have come to depend on the Fed's easy-money policies, which have helped send the stock market up 140 percent in the last four years.
June 2, 2013 |
Let's do some role-playing. Suppose you are the chairman of the Federal Reserve board. Yes, you are Ben Bernanke. I know, it doesn't sound like much fun. You are responsible for the global financial system, and everyone seems to have an opinion about how well you are doing your job. Many think you're not doing too well. Remember Texas Gov. Rick Perry's harsh words for the chairman during the presidential election? But try out the job anyway. First, you need some facts. The unemployment rate is 7.5 percent.